Charity number: 1064963
The Sir James Roll Charitable Trust
Trustees' report and financial statements For the year ended 31 March 2021
The Sir James Roll Charitable Trust
Contents
| Page | |
|---|---|
| Reference and administrative details of the Trust, its Trustees and advisers | 1 |
| Trustees' report | 2 - 6 |
| Independent auditors' report on the financial statements | 7 - 10 |
| Statement of financial activities | 11 |
| Balance sheet | 12 |
| Notes to the financial statements | 13 - 25 |
The Sir James Roll Charitable Trust
Reference and administrative details of the Trust, its Trustees and advisers For the year ended 31 March 2021
| Trustees | N T G C Wharton |
|---|---|
| B W Elvy | |
| J M Liddiard | |
| Charity registered number 1064963 Principal office Downs Farm Pilgrims Way Wouldham Rochester Kent ME1 3RB Independent auditors Azets Audit Services Statutory Auditors Globe House Eclipse Park Sittingbourne Road Maidstone Kent ME14 3EN Bankers CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Solicitors DGB Solicitors LLP The Captain's House Central Avenue Pembroke Chatham Kent ME4 4UF Investment Managers Rathbone Investment Management Fiennes House 32 Southgate Street Winchester SO23 9EH Accountants Kreston Reeves LLP Chartered Accountants Montague Place Chatham Maritime Kent ME4 4QU |
Page 1
The Sir James Roll Charitable Trust
Trustees' report For the year ended 31 March 2021
The Trustees present their annual report together with the audited financial statements of the Trust for the year from 1 April 2020 to 31 March 2021.
The Trustees present their report and the audited financial statements of the charity for the year ended 31 March 2021. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the Charity.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the Charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.
Objectives and activities
a. Policies and objectives
The object of the Trust is to provide public benefit by supporting registered charitable organisations by way of grants for the following purposes:
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the promotion of mutual tolerance, commonality and cordiality in major world religions.
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the furtherance of access to computer technology as a teaching medium at primary school levels.
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the improved access to computer technology in community based projects other than political parties or local government.
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the funding of projects aimed at early identification of specific learning disorders.
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such other charitable object or objects in any part of the world as the Trustees shall in their absolute discretion think fit to support or establish.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the grant making policy for the year.
There have been no changes in the objectives since the last annual report.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Grant-making policies
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All grants must be in accordance with the objects of the Charitable Trust.
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Only one grant to any organisation shall usually be made in a calendar year.
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The grants to be made at each meeting shall reflect the grants budget previously presented and agreed.
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Grants shall usually only be made to registered charities who are complying with their Charity Commission obligations regarding the submission of their Charity’s accounts and reporting requirements.
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Grants in favour of English charities that have a national benefit can be prioritised over community projects unless the latter concern areas where the late The Reverend Sir James Roll had a local connection.
Over the year the Trustees approved grants to registered charities and individuals amounting to £126,301. A full list of those who benefited is set out in Note 16.
Page 2
The Sir James Roll Charitable Trust
Trustees' report (continued) For the year ended 31 March 2021
Achievements and performance
a. Review of activities
The results for the year are set out on page 11.
Income from investments in the year amounted to £198,491 (2020: £246,817) representing a gross return of 3.98% (2020: 6.20%) on the closing value of the investments. Grants made in the year amount to £126,301 (2020: £203,000) representing 63.63% (2020: 82.25%) of total income from all sources.
The cumulative balance of £25,035 (2020: £6,485) is carried forward as an unrestricted fund.
The investments held in the restricted endowment fund amounted to £4,990,217 as at 31 March 2021 (2020: £3,930,189), as reflected in note 10 to the financial statements.
b. Investment policy and performance
The investment policy of the Trust is the subject of a detailed investment policy statement reviewed annually by the Trustees once the draft financial statements are available.
The objectives of the Trust's investment policy are:
a) To provide a reasonable level of income in order to continue the Trust's capacity to apply grants to those charities which the Trustees decide qualify under the Deed of Trust.
b) To maintain and enhance the real value of the assets over the long term by investment in a portfolio comprised of equities, fixed income stocks and cash.
The Trustees are governed by the Trustee Act 2000.
The Trust's objectives (see above) are to be achieved by investing prudently and cautiously in a broad range of fixed interest securities and equities, which are quoted on a recognised Investment Exchange, and unit trusts and open ended investment companies (OEICs).
The investment portfolio mix will fall within the following broad ranges:
UK Equities 45-85% Overseas Equities 0-30% Fixed Interest 15-45% Cash 0-10%
No initial equity investment should exceed 5% of the total value of the funds under management and the total sum of all equity holdings in excess of 5% must not equal or exceed 40% of the fund's value at any time without the Trustees' specific approval.
Investments in negotiable instruments known as 'derivatives' are not permitted in any circumstances.
Page 3
The Sir James Roll Charitable Trust
Trustees' report (continued) For the year ended 31 March 2021
Achievements and performance (continued)
Investment Managers
Rathbone Investment Management who are authorised and regulated by the Financial Conduct Authority, are the appointed investment managers. They have confirmed they will comply with the policy and arrangements and that they have not departed from them save with the express approval of the Trustees.
Rathbone Investment Management will provide evidence of the firm's insurance on request.
Rathbone Investment Management will report to the Trustees at regular intervals to be agreed separately providing a full listing of the investments with details of their cost, current market value and estimated income and statistics detailing the fund's performance.
Cash deposits are placed with the approved banks with suitable credit ratings. Cash deposits may also be retained by Rathbone Investment Management as part of the investment portfolio.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
Restricted Fund
The capital of the Trust has been classified as a Restricted income fund to comply with the objects of the originating Trust Deed and the SORP. The Trustees regard this fund, for internal management purposes, as an "endowment", to which memorandum references are made in the financial statements.
At the Balance sheet date the Charity holds restricted funds amounting to £5,010,407 (2020: £4,000,571).
Unrestricted Fund
The Trustees, having absolute discretion as to the management of the restricted income fund, consider the income and expenditure of the Trust as a whole to be most fairly represented by an unrestricted general fund for the purpose of fulfilling their obligations under the Trust Deed.
The Trustees try to see that the unrestricted fund income after meeting direct expenses is applied in grants to registered charities in accordance with the objects of the Trust.
At the Balance sheet date the Charity holds unrestricted funds amounting to £25,035 (2020: £6,485), which is in accordance with the reserves policy of holding a minimum of approximately one months worth of unrestricted expenditure, amounting to approximately £15,000.
Structure, governance and management
a. Constitution
The Trust is constituted under a Trust deed dated 24 February 1997 and is a registered charity number 1064963.
Page 4
The Sir James Roll Charitable Trust
Trustees' report (continued) For the year ended 31 March 2021
Structure, governance and management (continued)
b. Methods of appointment or election of Trustees
The management of the Trust is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
A Solicitor and Chartered Accountant shall be retained as Trustees on the Board of Trustees to see that all relevant obligations under the Charities Acts are complied with.
c. Organisational structure and decision-making policies
The Trustees meet on average four times a year to discuss grant applications and matters relating to the administration of the Trust.
d. Risk management
The Trustees have assessed the major risks to which the Trust is exposed and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Plans for future periods
The Trustees will continue to support the objects of the charity for the foreseeable future.
N T G C Wharton has carried out the administration of the Charity since establishing it on the instructions of the Rev Sir James Roll. This up until recently was through his partnership at Winch & Winch, but following the firms amalgamation with DGB Solicitors LLP and his retirement as a partner, he will now do so through his own consultant solicitors office.
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Trust and of its income and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Trust's transactions and disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 5
The Sir James Roll Charitable Trust
Trustees' report (continued) For the year ended 31 March 2021
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:
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so far as that Trustee is aware, there is no relevant audit information of which the Trust's auditors are unaware, and
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that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the Trust's auditors are aware of that information.
Auditors
The auditors, Azets Audit Services, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by order of the members of the Board of Trustees on and signed on their23 November 2021 behalf by:
N T G C Wharton
Trustee
B W Elvy Trustee
J M Liddiard Trustee
Page 6
Independent Auditor’s Report to the Trustees of The Sir James Roll Charitable Trust
Opinion
We have audited the financial statements of The Sir James Roll Charitable Trust (the ‘charity’) for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity’s affairs as at 31 March 2021, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Trustees’ report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information contained within their report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
7
Independent Auditor’s Report to the Trustees of The Sir James Roll Charitable Trust (continued)
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ report.
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the report; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of Trustees
As explained more fully in the Trustees’ responsibilities statement, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
8
Independent Auditor’s Report to the Trustees of The Sir James Roll Charitable Trust (continued)
Extent to which the audit was considered capable of detecting irregularities, including fraud (continued)
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
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Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
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Reviewing minutes of meetings of those charged with governance;
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Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;
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Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
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Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
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Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees.
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Conclude on the appropriateness of the Trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.
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Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation (i.e. gives a true and fair view).
9
Independent Auditor’s Report to the Trustees of The Sir James Roll Charitable Trust (continued)
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the charity’s Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s Trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Michelle Wilkes FCA (Senior Statutory Auditor) For and on behalf of Azets Audit Services Statutory Auditor
Globe House, Eclipse Park Sittingbourne Road Maidstone Kent ME14 3EN
Date: 24 November 2021
10
The Sir James Roll Charitable Trust
Statement of financial activities For the year ended 31 March 2021
| Note Income from: Investments 3 Total income Expenditure on: Raising funds 4 Charitable activities 5 Total expenditure Net (expenditure)/income before net gains/(losses) on investments Net gains/(losses) on investments 10 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2021 £ - - 18,799 - 18,799 (18,799) 1,028,635 1,009,836 4,000,571 1,009,836 5,010,407 |
Unrestricted funds 2021 £ 198,491 198,491 - 179,941 179,941 18,550 - 18,550 6,485 18,550 25,035 |
Total funds 2021 £ 198,491 198,491 18,799 179,941 198,740 (249) 1,028,635 1,028,386 4,007,056 1,028,386 5,035,442 |
Total funds 2020 £ 246,817 246,817 19,151 258,978 278,129 (31,312) (926,541) (957,853) 4,964,909 (957,853) 4,007,056 |
|---|---|---|---|---|
The notes on pages 13 to 25 form part of these financial statements.
Page 11
The Sir James Roll Charitable Trust
Balance sheet As at 31 March 2021
| Note Fixed assets Investments 10 Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total net assets Charity funds Restricted funds 13 Unrestricted funds 13 Total funds 14 |
2,076 57,560 59,636 (34,244) |
2021 £ 5,010,050 25,392 5,035,442 5,010,407 25,035 5,035,442 |
1,681 20,561 22,242 (13,492) |
As restated 2020 £ 3,998,306 8,750 |
|---|---|---|---|---|
| 4,007,056 | ||||
| 4,000,571 6,485 |
||||
| 4,007,056 |
The financial statements were approved and authorised for issue by the Trustees on _______23 November 2021 and signed on their behalf by:
N T G C Wharton Trustee
B W Elvy Trustee
J M Liddiard Trustee
The notes on pages 13 to 25 form part of these financial statements.
Page 12
The Sir James Roll Charitable Trust
Notes to the financial statements For the year ended 31 March 2021
1. General information
Sir James Roll Charitable Trust is a Charitable Trust and an Unincorporated Charity in England and Wales. The registered office is 5 New Road Avenue, Chatham, Kent, ME4 6AR. The principal activities of the Trust are to support registered charitable organisations by way of grants. More details are provided in the Trustees Report.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019.
The Sir James Roll Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The Charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
Monetary values are rounded to the nearest whole £1.
2.2 Going concern
The Trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Trust to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Trust has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Trust's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Whilst the impact of the COVID-19 pandemic has been assessed by the Trustees, so far as is reasonably possible, due to its unprecedented impact on the worldwide economy it is difficult to evaluate with any certainty the potential outcomes on the Trust's future activities. However, taking into consideration the Trust's level of reserves, the Trustees believe that the Trust will be able to continue in operational existence for the foreseeable future.
Page 13
The Sir James Roll Charitable Trust
Notes to the financial statements For the year ended 31 March 2021
2. Accounting policies (continued)
2.3 Income
All income is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Expenditure on raising funds includes all expenditure incurred by the Trust to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Trust's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Trust; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.6 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
2.7 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Page 14
The Sir James Roll Charitable Trust
Notes to the financial statements For the year ended 31 March 2021
2. Accounting policies (continued)
2.8 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.9 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Trust anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.10 Financial instruments
The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
2.11 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Trust and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Trust for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
2.12 Critical accounting estimates and areas of judgment
Accounting estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no judgements or key sources of estimation uncertainty.
Page 15
The Sir James Roll Charitable Trust
Notes to the financial statements For the year ended 31 March 2021
3. Investment income
| Income from listed investments Deposit interest received Commissions received Total 2020 4. Investment management expenses Investment management fees Total 2020 5. Analysis of expenditure by activities Charitable activities (notes 6 and 7) Total 2020 |
Unrestricted funds 2021 £ 197,475 16 1,000 198,491 246,817 Restricted funds 2021 £ 18,799 19,151 Grants payable 2021 Support costs 2021 £ £ 126,301 53,640 203,000 55,978 |
Total funds 2021 £ 197,475 16 1,000 198,491 246,817 Total funds 2021 £ 18,799 19,151 Total funds 2021 £ 179,941 258,978 |
Total funds 2020 £ 245,824 75 918 |
|---|---|---|---|
| 246,817 | |||
| Total funds 2020 £ 19,151 |
|||
| Total funds 2020 £ 258,978 |
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Page 16
The Sir James Roll Charitable Trust
Notes to the financial statements For the year ended 31 March 2021
6. Analysis of grants
| Grants payable Total 2020 |
Grants to Institutions 2021 £ 126,301 203,000 |
Total funds 2021 £ 126,301 203,000 |
Total funds 2020 £ 203,000 |
|---|---|---|---|
During the financial year the Charity has made grants to 130 institutions (2020: 185), the details of which are as shown in note 16 to the financial statements.
7. Support costs
| Unrestricted funds 2021 £ Auditors' remuneration 3,480 Management & administration costs (note 8) 49,339 Sundry expenses 821 53,640 Total 2020 55,978 |
Total funds 2021 £ 3,480 49,339 821 53,640 55,978 |
Total funds 2020 £ 3,330 52,202 446 |
|---|---|---|
| 55,978 | ||
Page 17
The Sir James Roll Charitable Trust
Notes to the financial statements For the year ended 31 March 2021
8. Management & administration costs
| Unrestricted funds 2021 £ DGB Solicitors LLP (formerly Winch & Winch) 30,624 Kreston Reeves LLP 18,715 49,339 Total 2020 52,202 |
Total funds 2021 £ 30,624 18,715 49,339 52,202 |
Total funds 2020 £ 32,160 20,042 |
|---|---|---|
| 52,202 | ||
Kreston Reeves LLP received £1,000 (2020: £918) of commissions from Rathbone Investment Management Limited in respect of a share of transaction commissions arising on the investment changes carried out during the year. This was reimbursed to the Charity.
J M Liddiard, an employee of Rathbone Investment Management Limited, receives no remuneration or expenses in his capacity as a Trustee.
N T G C Wharton has carried out the administration of the Charity since establishing it on the instructions of the Rev Sir James Roll. This up until recently was through his partnership at Winch & Winch, but following the firms amalgamation with DGB Solicitors LLP and his retirement as a partner, he will now do so through his own consultant solicitors office.
At the year end the Trust owed DGB Solicitors LLP (formerly Winch & Winch) £18,624 (2020: £Nil) and Kreston Reeves LLP £7,150 (2020: £6,180).
9. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2020 - £NIL).
The Charity had no employees during the year (2020: Nil).
During the year ended 31 March 2021, expenses totalling £190 were reimbursed or paid directly to 1 Trustee (2020 - £358 to 1 Trustee).
Page 18
The Sir James Roll Charitable Trust
Notes to the financial statements For the year ended 31 March 2021
10. Fixed asset investments
| Valuation At 1 April 2020 Additions Disposals Revaluations Cash movements At 31 March 2021 |
Listed investments £ 3,980,139 564,084 (582,641) 1,028,635 - 4,990,217 |
Cash held at investment managers £ 18,167 - - - 1,666 19,833 |
Total £ 3,998,306 564,084 (582,641) 1,028,635 1,666 5,010,050 |
|---|---|---|---|
Cash held at investment managers has been reanalysed from Current assets (Cash at bank and in hand) to Fixed asset investments.
Historical cost
The historical cost of the Trust's listed fixed asset investments, at the Balance sheet date, is £4,487,727 (2020: £4,759,658).
I nvestments at market value comprise:
Listed UK investments of £2,875,066 (2020: £3,621,463) Listed overseas investments of £2,115,151 (2020: £355,676) Cash held at investment managers £19,833 (2020: £18,167)
Which are allocated between:
Equities £3,842,916 (2020: £3,042,323) Fixed interest securities £1,147,301 (2020: £937,816) Cash held at investment managers £19,833 (2020: £18,167)
Valuation
A professional valuation of the investments was conducted by Rathbone Investment Management at the year end date of 31 March 2021.
Page 19
The Sir James Roll Charitable Trust
Notes to the financial statements For the year ended 31 March 2021
Material investments (over 3% of closing market value)
| Blackrock Fund Managers Continental Euopean Income D Inc City of London Inv Trust PLC 25p Ordinary Shares Henderson Eurotrust PLC 5p Ordinary Shares JP Morgan Gbl Emerg Mkts Inc 1p Ordinary Shares Legg Mason Global Fund WA Gbl Blue Chip Bd Prem (GBP) M&G Securities Charifund Inc Merchants Trust PLC 25p Ordinary Shares Rio Tinto 10p Ordinary Shares 11. Debtors Due within one year Other debtors 12. Creditors: Amounts falling due within one year Other creditors |
2021 £ 156,915 170,775 156,200 167,325 159,184 161,965 198,400 202,575 1,373,339 2021 £ 2,076 2,076 2021 £ 34,244 |
2020 £ 122,310 - 108,240 113,620 153,376 131,502 110,850 135,725 |
|---|---|---|
| 875,623 | ||
| 2020 £ 1,681 |
||
| 1,681 | ||
| 2020 £ 13,492 |
Page 20
The Sir James Roll Charitable Trust
Notes to the financial statements For the year ended 31 March 2021
13. Statement of funds
Statement of funds - current year
| Balance at 1 April 2020 £ Income £ Expenditure £ Gains/ (Losses) £ Balance at 31 March 2021 £ Unrestricted funds General funds 6,485 198,491 (179,941) - 25,035 Restricted funds Restricted funds 4,000,571 - (18,799) 1,028,635 5,010,407 Total of funds 4,007,056 198,491 (198,740) 1,028,635 5,035,442 Details of the restricted funds are detailed within the reserves policy on page 4 of the Trustees' Report. Statement of funds - prior year Balance at 1 April 2019 £ Income £ Expenditure £ Gains/ (Losses) £ Balance at 31 March 2020 £ Unrestricted funds General funds 18,646 246,817 (258,978) - 6,485 Restricted funds Restricted funds 4,946,263 - (19,151) (926,541) 4,000,571 Total of funds 4,964,909 246,817 (278,129) (926,541) 4,007,056 |
Balance at 31 March 2021 £ 25,035 |
|---|---|
| 5,010,407 | |
| 5,035,442 | |
| Unrestricted funds General funds Restricted funds Restricted funds Total of funds |
|
| 4,000,571 | |
| 4,007,056 |
Page 21
The Sir James Roll Charitable Trust
Notes to the financial statements For the year ended 31 March 2021
14. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Fixed asset investments Current assets Creditors due within one year Total |
Restricted funds 2021 Unrestricted funds 2021 £ £ 4,990,217 - 24,142 55,327 (3,952) (30,292) 5,010,407 25,035 |
Total funds 2021 £ 4,990,217 79,469 (34,244) 5,035,442 |
|---|---|---|
| Analysis of net assets between funds - prior | year Endowment funds 2020 £ 18,167 (18,167) - - |
Restricted funds 2020 £ 3,980,139 24,384 (3,952) 4,000,571 |
Unrestricted funds 2020 £ - 16,025 (9,540) 6,485 |
Total funds 2020 £ 3,998,306 22,242 (13,492) 4,007,056 |
|---|---|---|---|---|
| Fixed asset investments Current assets Creditors due within one year Total |
15. Related party transactions
The Trust's related party transactions are as set out in note 8 to the financial statements.
Page 22
The Sir James Roll Charitable Trust
Notes to the financial statements For the year ended 31 March 2021
16. Grants paid in year to 31 March 2021
| Able Kidz Action for M.E Action for Sick Children Action on Elder Abuse Activiteens AFASIC ASTI A-T Society Autistica Back Up Trust BEDE House Association Blind in Business Trust Bowel Disease Research Foundation Boxes of Basics Brain Tumour Research BrainWave British Blind Sport British Dyslexics British Liver Trust Calibre Audio Library Calvert Trust Exmoor Carers Trust Carers UK C F A B Child Brain Injury Trust Childhood First Children Today Charitable Trust Children's Heart Federation Childrens's Hope Foundation Church Homeless Trust Ltd (was Church Housing Trust) CICRA Cirdan Sailing Trust Climbing Out Clothing Solutions(For Disabled People) COMPAID Trust Computer Aid International Contact a Family Country Trust Crackerjacks Children's Trust CRIMINON UK CRISIS Cure EB Cure Parkinson's Trust Dame Vera Lynn Childrens Charity Carried forward |
2021 £ 1,000 1,000 750 1,000 1,000 1,000 1,000 1,000 1,000 1,000 750 1,000 750 1,000 1,000 1,000 1,000 750 1,000 1,000 1,000 750 1,000 1,000 750 750 1,000 1,000 1,000 1,000 750 1,000 1,000 1,000 750 1,000 1,000 750 1,000 750 5,000 750 750 1,000 44,750 |
|---|---|
Page 23
The Sir James Roll Charitable Trust
Notes to the financial statements For the year ended 31 March 2021
16. Grants paid in year to 31 March 2021 (continued)
| Brought forward Deafblind UK DEC Coronavirus Appeal Dermatrust Designability Different Strokes Dream Holidays Dream Makers Dyspraxia Foundation Elizabeth Foundation Epiphany Trust (Chrysalis) Family Holiday Association Fight Against Blindness Fine Cell Work Friday People Glass Door Homeless Charity (Was West London Churches Homeless Concern) Grief Encounter Hackney Quest Handicapped Childrens Action Group Happy Days Helen Arkell Dyslexia Centre Holiday Homes Trust Home Start South West Kent Hot Line Meals Service (London) I.T. Schools Africa Island Trust Limited Jubilee Sailing Trust Kent M S Therapy Centre KIDS OUT UK Lennox Childrens Cancer Fund Lifelites Limehouse Project Ltd Listening Books Living Paintings Trust London Narrow Boat Project Lupus UK (Kent Group) Manna Society Martha Trust Maytree Medical Engineering Resource Unit Meningitis Now Metro Blind Sports Missing People Limited Morning Star Trust Carried forward |
2021 £ 44,750 1,000 2,500 1,000 1,000 1,000 1,000 750 1,000 1,000 750 1,000 1,000 1,000 1,000 750 1,000 750 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 750 750 750 1,000 1,000 1,000 1,000 1,000 750 750 1,000 1,000 750 1,000 750 1,000 1,000 86,500 |
|---|---|
Page 24
The Sir James Roll Charitable Trust
Notes to the financial statements For the year ended 31 March 2021
16. Grants paid in year to 31 March 2021 (continued)
| Grants paid in year to 31 March 2021 (continued) | ||
|---|---|---|
| 2021 | ||
| £ | ||
| Brought forward | 86,500 | |
| Multiple System Atrophy Trust | 1,000 | |
| Myaware | 1,000 | |
| NARA | 1,000 | |
| Nerve Tumours Uk (was Neuro Foundation) | 1,000 | |
| New Bridge Foundation | 1,000 | |
| Nicodemus | 750 | |
| Norman Laud Association | 1,000 | |
| Oesophageal Patients Association | 1,000 | |
| Only Connect UK | 1,000 | |
| Orchid Cancer Appeal | 1,000 | |
| Partnership for Children | 1,000 | |
| Positive Futures - Kent | 51 | |
| Prisoners Abroad | 1,000 | |
| Prisoners Education Trust | 1,000 | |
| Rainbow Trust Children's Charity | 1,000 | |
| REACT | 1,000 | |
| Read For Good | 1,000 | |
| Respite Association | 750 | |
| Ruddi's Retreat | 1,000 | |
| Safe Families for Children | 750 | |
| Sayers Croft Trust | 1,000 | |
| Scene & Heard | 1,000 | |
| Separated Child Foundation | 1,000 | |
| Sequal Trust | 1,000 | |
| Sick Children's Trust | 750 | |
| Silverlining Charity | 1,000 | |
| Snowflake School | 750 | |
| Soundabout | 1,000 | |
| Spadework Limited | 1,000 | |
| Spinal Injuries Association | 1,000 | |
| Spinal Muscular Atrophy UK | 750 | |
| St Mary Le-Bow Young Homeless Project | 1,000 | |
| Street Child | 1,000 | |
| Strongbones Children's Charitable Trust | 750 | |
| Sunny Days Childrens Fund | 1,000 | |
| Tall Ships Youth Trust | 1,000 | |
| Target Ovarian Cancer | 750 | |
| Thomas Morley Trust | 1,000 | |
| Tower Hamlets Mission | 1,000 | |
| Unlock the National Association of Ex-Offenders ( was Unlock) | 1,000 | |
| Walk Ministries | 1,000 | |
| Wheelyboat Trust | 1,000 | |
| Youngdementia UK | 750 | |
| Total | 126,301 |
Page 25